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Dec 29, 2022
Floor & Decor Q4 2022 Earnings Report
Reported better-than-expected fiscal 2022 fourth-quarter earnings, marking 14 consecutive years of comparable store sales growth.
Key Takeaways
Floor & Decor Holdings, Inc. reported a strong fourth quarter in fiscal 2022, with net sales increasing by 14.6% to $1,048.1 million and comparable store sales growing by 2.5%. Diluted earnings per share increased by 39.1% to $0.64, and the company opened 13 new warehouse-format stores, achieving its goal of opening 32 warehouses in fiscal 2022.
Net sales increased 14.6% to $1,048.1 million compared to Q4 2021.
Comparable store sales increased 2.5% from the fourth quarter of fiscal 2021.
Diluted earnings per share increased 39.1% to $0.64.
Opened 13 new warehouse-format stores during the fourth quarter, ending with 191 warehouse stores and six design studios.
Floor & Decor
Floor & Decor
Forward Guidance
The company provided fiscal 2023 guidance, including net sales of approximately $4,610 million to $4,750 million, comparable store sales of approximately (3.0)% to flat, and diluted EPS to be in the range of $2.55 to $2.85.
Positive Outlook
- Net sales of approximately $4,610 million to $4,750 million
- Comparable store sales of approximately (3.0)% to flat
- Diluted EPS to be in the range of $2.55 to $2.85
- Adjusted EBITDA in the range of $605 million to $650 million
- Open 32 to 35 new warehouse-format stores
Challenges Ahead
- Comparable store sales of approximately (3.0)% to flat
- Diluted EPS to be in the range of $2.55 to $2.85
- Depreciation and amortization expense of approximately $190 million
- Interest expense, net of approximately $17 million to $18 million
- Tax rate of approximately 24%, excluding tax benefits resulting from stock option exercises and the vesting of restricted stock and restricted stock units